Yes; this might very well be true. Conventional insurance service providers, whether servicing hapless clients direct or via their banks, you could just say, have being milking their clients for many years. How could such a subjective sentiment be allowed to let slip here? Could it be that the number of irate and disappointed or disillusioned commercial insureds continue to grow? Captive insurance industry business, however, is not about to completely overhaul mainstream insurance markets just yet.
There is still a lot to be learned about this business. At this stage, local insurance service providers; your insurance agents or brokers, may be a little reluctant to dispense further information on this innovative business development. But even if you are remotely curious, you should insist. And in actual fact, the insurance agent, if he is properly licensed as a legal financial service provider, is obliged to reciprocate in full.
He is expected to advise you accordingly on every query that you raise with him. Never mind whether he is legal or not, and please, he should be, you are paying him for the service. So in that sense, he is expected to earn his bread and butter, just like every other professional out there. And as a commercial customer, you are also within your right to approach the insurance company direct. Either way, it is quite possible that your insurance agents and underwriters may not have nearly enough information on just how the captive insurance markets operate in your favor.
So in this sense, they should at least provide you with the relevant contactable resources. Captive insurance does give you more freedom on how your insurance requirements are going to be managed. But this does require heaps of responsibility on your part.